Prescription Dermatology Therapeutics Market
Dermatology deals with diseases that affect hair, skin, and nails. It involves medical as well as surgical aspects. Skin disorders are treated by a dermatologist. Dermatology medicines are available both over-the-counter and on prescription. Many of the prescription dermatology drugs are used for cosmetic purposes. Acne treatment drugs are the most common type of prescription drugs. These drugs are also used to improve the texture and color of the skin. According to the American Academy of Dermatology, acne is the most prevalent skin condition, which affects nearly 50 million Americans annually.
Intensive research to offer therapies for dermatological disorders, increasing number of people affected with dermatological disorders, efforts taken by leading pharmaceutical companies to offer effective treatments, huge investments made in research and development by pharmaceutical companies, and strategic alliances established by companies to speed up the development process of new products are likely to be major growth factors for the global prescription dermatology therapeutics market. Furthermore, rising disposable income, the growing importance of physical appearance, increasing cases of baldness, a rising number of skilled dermatologists, and increasing spending on personal care are others factors that are anticipated to further propel this market’s growth in the future. A high number of ongoing clinical trials in the field and rapid advancements made in the therapies are estimated to create new growth opportunities for the market players. However, stringent regulations regarding approvals, the high cost of certain specialized medicines, and the absence of insurance and reimbursement policies might restrict the prescription dermatology therapeutics market globally in the near future.
The global prescription dermatology therapeutics market has been segmented into product type and distribution channel. By product type, the prescription dermatology therapeutics market includes psoriasis drugs, acne and rosacea drugs, dermatitis and seborrhea drugs, skin cancer, and fungal infection drugs. Psoriasis drugs held the majority market share in 2017, due to the increasing cases of psoriasis and prolonged treatment period. The distribution channel segment includes mail order pharmacies, retail pharmacies, and hospital pharmacies.
By region, the North American prescription dermatology therapeutics market is likely to be the most prominent region in the years ahead. This can be attributed to the increasing cases of dermatological disorders and the growing importance of physical appearance in the region. Europe is anticipated to be the second largest prescription dermatology therapeutics market, due to the growing influence of celebrity culture and increasing spending on personal care.
Some key players of the prescription dermatology therapeutics market include Novartis AG, AbbVie, Inc., Amgen, Inc., Janssen Biotech, Inc., Celgene Corporation, Eli Lilly and Company, Pfizer, Inc., Bausch Health Companies, Inc., LEO Pharma A/S, Aurobindo Pharma Ltd., Sun Pharmaceuticals Ltd., and Aclaris Therapeutics, Inc., among others.